Adviser Points of View (12/12/2018) – The government has finally revealed it will introduce ‘multiple’ pensions dashboards, with the first one expected in 2019. On December 3, the Department for Work & Pensions (DWP) published a consultation, accompanied by the feasibility study, which was originally tabled for March.
Commenting in the foreword of the study entitled Pensions dashboards: Working together for the consumer, Guy Opperman, MP and Minister for Pensions and Financial Inclusion, said: “Pensions dashboards will offer people access to their information from multiple pensions at a time of their choosing. In the internet age, people expect information at their fingertips. When it comes to crucial information such as pensions, people should have access to accurate and useful information, which alongside guidance or advice will allow them to make the best choices for their investments and retirements.”
However, the government has not guaranteed state pension data will be included on the pension dashboard in 2019 or that legislation for compulsion to force providers to reveal the size of pots will be introduced at this point.
The development has also been welcomed by Alan Chan, director and chartered financial planner at London-based IFS Wealth & Pensions.
Chan said: “It’s long overdue particularly at one point it looked like the government was going to shy away from this altogether. The purpose of the consultation is to identify what should and should not be shown on the dashboard. It’s very encouraging to see that the feasibility study support financial advisers being allowed third-party access which is a crucial step to making it easier for individuals to plan for retirement.”
Full article link: https://www.adviserpointsofview.com/2018/12/experts-give-view-on-introduction-of-multiple-pensions-dashboards/
